The money will help fund Emerald Bay, a nearly 500-acre luxury resort community being developed on the southern Bahamas island of Great Exuma. The project features a 219-room resort to be run by first-class hotel chain Four Seasons Resorts and Hotels, as well as an 18-hole golf course designed by Greg Norman, a casino, spa and marina.

Kevin Clemente, president and CEO, said EBR Holding was able to secure money in today's tight market partly because of its ties with the prestigious Four Seasons chain and because developers had invested roughly $60 million of their own cash in the venture to date, bolstering lenders' confidence.

Furthermore, the project caters to luxury clients less affected by recession. And the resort won't open until next year, presumably after the current recession ends, he said.

"Definitely, the economy will be better in 2003 than in 2001," said Clemente.

Hotel consultant Scott Berman, who runs the hospitality practice group for PriceWaterhouseCoopers in Miami, said Emerald Bay also benefited from being years in the works.

If developers had started to seek cash now, without a prestigious brand-name partner, funding would be "extremely difficult," he said.

Indeed, Berman estimates at least half of all hotel projects in the Americas have been put on hold since Sept. 11, seeking cash for development.

"Emerald Bay is one of the few deals to close on funding since 9-11," said Berman. "They are to be congratulated."

EBR Holdings also said it has secured more than $25 million to date for properties that will host estates, villas and condominiums. The residences are projected to sell for $500,000 to $4 million-plus each, the company said.

Doreen Hemlock can be reached at dhemlock@sun-sentinel.com or 305-810-5009.